证券代码：301200 证券简称：大族数控 深圳市大族数控科技股份有限公司 投资者关系活动记录表 编号：2025-007 | | 特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系活动 | 媒体采访 | 业绩说明会 | | 类别 | 新闻发布会 | 路演活动 | | | 现场参观 | | | | 其他 券商策略会、电话会议 国泰海通策略会（11月5日） | | | | 华创证券策略会（11月5日） | | | | 招商证券策略会（11月5日） | | | | 西部证券（11月6日） | | | | 福州汉石基金（11月6日） | | | | 东方财富证券（11月6日） | | | | 广发基金（11月6日） | | | | 华泰资产管理（11月6日） | | | 参与单位名称 | 中银基金（11月6日） | | | | 建信基金（11月6日） | | | | 国寿养老（11月7日） | | | | 国寿资管（11月7日） | | | | 兴业基金（11月10日） | | | | 创金合信（11月10日） | | | | 民生证券（11月10日） | | | ...

Group 1: Company Performance - The company achieved a revenue of 390,281.72 million yuan in the first three quarters of 2025, representing a year-on-year growth of 66.53% [3] - The net profit attributable to shareholders reached 49,170.68 million yuan, marking a significant increase of 142.19% compared to the same period last year [3] - Key factors for growth include rising demand for high-tech HDI specialized processing equipment and the company's ability to provide comprehensive solutions for downstream clients [3] Group 2: Industry Trends - The PCB industry is projected to grow by 7.6% in revenue and 7.8% in production in 2025, driven by strong demand for AI servers and switches [4] - The compound annual growth rate (CAGR) for high multi-layer boards and HDI boards is expected to reach 22.1% and 17.7% respectively from 2024 to 2029 [4] Group 3: Product Development - The demand for high-density multi-layer boards and HDI boards is increasing due to the adoption of 112/224Gbps SerDes designs in AI servers and high-speed switches [5] - The company has developed new products, including a CCD six-axis independent drilling machine with 3D back drilling capabilities, which has received industry certification and large-scale orders [5] - New laser drilling machines are being developed to meet the needs for high-quality processing of multi-layer HDI boards, addressing the challenges of signal integrity and precision [6] Group 4: Market Opportunities - The rise of AI smartphones and 800G+ optical modules is driving the demand for high-precision processing of micro-holes and slots, with the company providing innovative laser processing solutions [6] - The company is positioned to support the growing AI PCB market by offering high-reliability processing solutions that meet increasing demands for thickness ratio, impedance tolerance, and signal integrity [6]

Core Viewpoint - Shenzhen Dazhu CNC Technology Co., Ltd. has attracted over 50 institutional investors for research activities, focusing on the company's operational status, core competitiveness, and PCB industry trends during September 2025 [1][2]. Group 1: Company Performance - In the first half of 2025, the company achieved significant operational results, with revenue reaching 2.38183 billion yuan, a year-on-year increase of 52.26%, and a net profit of 263.27 million yuan, up 83.82% year-on-year [3]. - The company capitalized on the growth of AI server high-layer boards and the increasing technical complexity, enhancing its competitiveness in automotive electronics and consumer electronics multilayer boards [3]. Group 2: Core Competitiveness - The company's core competitiveness lies in providing one-stop optimal processing solutions, enhancing product technology and customer service capabilities through multi-dimensional collaboration in PCB production [4]. Group 3: PCB Industry Trends - The PCB industry is expected to benefit from the strong demand for AI computing-related terminals, with Prismark forecasting a revenue growth of 7.6% and a production increase of 7.8% in 2025 [5]. - The compound annual growth rate (CAGR) for high-layer boards and HDI boards related to AI servers and switches is projected to be 22.1% and 17.7%, respectively, from 2024 to 2029 [5]. - By 2029, the global and domestic PCB industry scale is expected to approach 100 billion USD and 50 billion USD, respectively, with a long-term CAGR of 5.2% from 2024 to 2029 [5]. Group 4: HDI Market - The HDI board market is experiencing rapid growth and technological upgrades, with the company providing differentiated solutions to meet increasing performance and efficiency demands [6]. - The company's newly developed equipment has received industry recognition and orders, which is expected to drive rapid revenue growth in HDI-related equipment [6].

Group 1: Company Performance - The company achieved a revenue of 238,183.32 million yuan in the first half of 2025, a significant increase of 52.26% compared to the same period last year [3] - The net profit attributable to shareholders reached 26,327.17 million yuan, reflecting a growth of 83.82% year-on-year [3] Group 2: Core Competitiveness - The company employs an innovative self-research model focused on segmented markets and application scenarios, enhancing its competitiveness in automotive electronics and consumer electronics multilayer boards [4] - The business model integrates key PCB production processes and multi-category products, providing one-stop solutions that enhance technical capabilities and customer service [4] Group 3: PCB Industry Trends - The PCB industry is expected to grow, with Prismark forecasting a revenue growth of 7.6% and a production increase of 7.8% in 2025, driven by demand for AI servers and switches [5] - The compound annual growth rate (CAGR) for the PCB industry from 2024 to 2029 is projected to be 5.2%, with the global market reaching nearly $100 billion and the domestic market reaching $50 billion by 2029 [6] Group 4: High Multilayer Board Market - The demand for high multilayer boards is increasing due to the rapid growth of data volume and the adoption of high-speed designs in AI servers and switches [7] - The company has developed advanced drilling machines and laser drilling solutions to meet the high precision and quality requirements for AI PCB products [8] Group 5: HDI Market Situation - The demand for HDI boards is rising in applications such as AI smartphones and automotive electronics, necessitating higher performance and efficiency from specialized equipment [10] - The company is continuously upgrading its laser drilling and imaging systems to meet the evolving technical requirements of HDI products [10]

Core Viewpoint - The company is positioned as a leading manufacturer in the PCB equipment industry, focusing on providing comprehensive solutions for the PCB sector, and is expected to benefit significantly from the surge in AI-related PCB demand, potentially leading to the largest expansion wave in the industry’s history [1][4]. Group 1: Company Overview - The company has over 20 years of experience in the PCB equipment industry and has become the largest manufacturer of PCB-specific equipment globally, covering key processes such as drilling, exposure, forming, inspection, and lamination [1]. - The company is transitioning from a traditional supplier to a collaborative partner with clients, offering innovative solutions to enhance yield and reduce costs [1]. - The company is leveraging opportunities in the AI industry, with high-end equipment like mechanical and laser drilling gradually increasing in volume for applications in AI servers and 800G optical modules [1][2]. Group 2: Industry Trends - The demand for AI PCBs is expected to explode, leading to unprecedented expansion in the PCB industry, driven by significant investments in AI infrastructure [2]. - Upgrades in AI chip specifications and the introduction of new technologies will necessitate improvements in PCB layers, precision, and materials, thereby increasing the requirements for PCB processing equipment [2]. - New equipment such as 3D back drilling, CO2 laser drilling, and high-precision inspection are emerging to meet the stringent demands of the evolving PCB landscape [2]. Group 3: Technological Advancements - The company’s mechanical drilling technology has reached industry-leading levels, while laser drilling is anticipated to make significant advancements [3]. - The company’s 3D back drilling machine features integrated drilling and measurement capabilities, achieving high precision and has been adopted by leading multi-layer board manufacturers [3]. - The company has developed high-power CO2 laser drilling machines to meet the needs for high-quality processing of multi-layer HDI boards, addressing the demand for blind and deep blind hole drilling [3]. Group 4: Financial Outlook - With the anticipated increase in high-end equipment production, the company’s revenue and profitability are expected to reach new heights [4]. - The company forecasts net profits of 684 million, 1.507 billion, and 2.089 billion yuan for the years 2025 to 2027, respectively [4]. - The product iterations are expected to enhance average selling prices (ASP) and profitability, with a favorable valuation outlook and high operational leverage potentially leading to unexpected profit elasticity [4].